bitcoin:native 💡 Any company holding BTC through Q2 took roughly a $9.5k per BTC hit on the fair value of their bitcoin holdings. That mark-to-market loss flows through GAAP earnings for the quarter. Markets and algos will digest the EPS prints, but many sophisticated ones look through the non-cash BTC volatility (or focus on adjusted metrics / BTC per share). We’ll see how much weight the algos actually give it. Silver lining: BTC is already up ~$6k per coin since the end of Q2. Companies that held through the drop have recouped a decent chunk of that valuation change on paper. Active treasury teams running derivatives, basis trades, or opportunistic selling (like some of the miners) are likely ahead of pure static holders depending on execution.